Ahhh Mr. Cooper.. I typically enjoy your commentary.
It saddens me when I hear parents, especially of your wealth (that of both what you worked for and mostly inherited) say they don’t believe in leaving their own kids with any kind of financial inheritance.
First of all — kids don’t ask to be born and then to be a child/children born into generational wealth and not be able to inherit any of it seems like the curse to me.
I mean what is it even for?
To make children “struggle” is unfair. I have actually heard parents say, “well I had to struggle so why can’t they (kids) struggle.” I don’t agree with that logic. I do think children should be raised up to value a dollar but if one is lucky enough to be born into wealth, then help should not be withheld with the intention of teaching some kind of struggle lesson. I do believe in hard work and humility but I don’t think a child should have to struggle financially if there are resources available.
I feel like every generation should be set up to excel past the last. In addition to instruction, generational wealth, wether it is money, heirlooms, land — a family business should be passed down to future generations in some capacity. It’s so disheartening to watch families not progress, grow in wealth or elevate for generations upon generations. Then we wonder why crime becomes prevalent.
I’m not real sure I want to comprehend Mr. Cooper’s logic and why he feels not offering financial support in the form of inheritance to his child is beneficial to the child. Forcing a child to struggle for money might teach a lesson but it can also backfire. On the flip, spoiling kids financially definitely ruins perception and sets unrealistic expectations of how life typically works. It’s a battle. One that requires balance. There are various ways to hand down wealth without putting a check directly into a child’s hands. Trust funds, stocks, real estate or even a life insurance policies are great ways to start. Why not set up some stipulations and expectations for the child to adhere to in order to obtain the inheritance? Make them work for it, if you will. Put an age limit on it, something.
I’m not a parent but there’s just no way on Earth I could ever deny my kids anything I have worked and hustled for. Money may not be the main essential of life but it is certainly extremely instrumental. Having money & resources elevate the quality of life. Don’t believe me, go broke and see how instrumental money is.
What do you think? Is it wrong to not pass down financial inheritance?
If you had millions of dollars in the bank would you make your children struggle or “work” for every dollar in order to survive? I’m positive Mr. Cooper does have some sort of monetary pipeline in play, as his mother Gloria Vanderbilt did for him. He came from money, so he knows the value of a dollar, he’s always had one. Or maybe he forgot.
Hashtag: Rich People Problems.
As for me, I can’t see just dying with millions and donating the funds to an animal or institution or just whatever.. I don’t knock those that choose to, it’s their money and not mine. Just saying for me there’s no way in bloody hell I’m leaving my own kids a big fat goose egg.
Not me. What about you?
5 thoughts on “Should Parents Deny Their Children Financial Inheritance?”
Brandy, you did an outstanding job dissecting this issue. It’s really appalling how many parents do not create or pass down generational wealth. I think the newer generations are grasping the concept but we still have a ways to go. Nice work